Euronav NV Gets $1.6B Bank Facility

Thursday, April 14, 2005
Euronav NV signed a $1.6 billion senior secured credit facility with Nordea and DnB NOR acting as lead arrangers, Nordea as sole bookrunner and facility agent and Calyon, Citibank, Deutsche Schiffsbank, HSH Nordbank, Hypo-Vereinsbank, Royal Bank of Scotland and Scotiabank acting as co-arrangers. The credit facility, which was oversubscribed by more than 58%, consists of a term loan of USD 865 million, a non-amortising revolving loan facility of USD 500 million and additional term loan of up to USD 235 million, which will be available for the purpose of financing vessels scheduled to be delivered within the next two years. The credit facilities have 8 year maturity as from the date of closing at a rate of LIBOR +0.80%. On the undrawn portion of the facility, the company will pay a commitment fee of 0.25%.

Upon closing of the credit facilities, all of the company’s existing credit facilities for ships wholly owned will be retired. Outstanding borrowings under the existing credit facilities were USD 494.6 million as of 31st December 2004.

On the closing date, the USD 1,600 million senior secured credit facility will be secured by all of the wholly-owned vessels in the company’s fleet, comprising of 2 ULCCs, 12 VLCCs, 9 Suezmax acquired in conjunction with the Tanklog fleet acquisition, one VLCC newbuilding due to be delivered in May 2005 and 5 Suezmax newbuilding, 3 of which are due to be delivered in 2006 and the last 2 in 2007.

The purpose of the facility is to reduce the overall cost of debt, increase flexibility and decrease associated administrative expenses. Euronav’s success at securing this bank facility emphasizes the confidence the market places in the company and its capability to further grow the company in a profitable manner. Euronav is now very well positioned after having recently expanded its fleet and its earnings potential. Euronav intends to continue to build upon its past success and to operate the large majority of its fleet in the spot market in order to strongly benefit from the current excellent rate environment in the tanker market.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Offshore Installation at Lerwick

A large steel oil storage tank to be installed west of Shetland as part of Premier’s development of the Solan field has arrived in Lerwick onboard a heavy-transport vessel Xiang Yun Kou,

Wagenbourg New Crane for Oil, Gas, Energy Sector

Wagenborg Nedlift has expanded her crane fleet with a brand new 700 tonnes mobile crane. With this crane the fleet is significantly strengthened. Equipped with

Study: An Arctic Oil Well Blowout Could Spread More Than 1,000km

Oil from a spill or oil well blowout in the Arctic waters of Canada's Beaufort Sea could easily become trapped in sea ice and potentially spread more than 1,000 kilometres to the west coast of Alaska,

Finance

Leighton HY14 net margin Up to 2.7%

Leighton Holdings announced its results for the six months to 30 June 2014.   * Total revenue of $11.9 billion, up on HY13 * EBITDAiii of $843 million. Comparable EBITDAiv of $945 million,

LNG to Acquire Bear Head LNG Project in Canada for US$11 mi

Liquefied Natural Gas Limited today announced that it has significantly expanded its presence in the North American Liquefied NaturalGas (LNG) sector by signing

Three Share in Navy US$96.8-M Twin-Ship Modernization Contract

The U.S. Department of Defense informs that AMSEC LLC; CDI Marine Co. LLC; and Q.E.D. Systems Inc., (all located in Virginia Beach, Virginia) are each being awarded a cost-plus-fixed-fee/cost-only,

 
 
Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1645 sec (6 req/sec)